Board-approved policy governs solicitation, underwriting, claims settlement, grievance redressal, and periodic review for managing general agents. A managing general agent is required to maintain a Board-approved policy governing solicitation, underwriting, claims settlement in direct insurance business, and acceptance of risk-servicing insurance policies, including suitability requirements. The policy must also cover multiple tie-ups, product types, mode of solicitation, grievance redressal, reporting requirements, and other business-segment requirements. The Board must review the policy at least once every three years.
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Provisions expressly mentioned in the judgment/order text.
Board-approved policy governs solicitation, underwriting, claims settlement, grievance redressal, and periodic review for managing general agents.
A managing general agent is required to maintain a Board-approved policy governing solicitation, underwriting, claims settlement in direct insurance business, and acceptance of risk-servicing insurance policies, including suitability requirements. The policy must also cover multiple tie-ups, product types, mode of solicitation, grievance redressal, reporting requirements, and other business-segment requirements. The Board must review the policy at least once every three years.
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